August 2017: Based on Midas Globe's handing of DavidK's case as well as the company's extremely unfair Terms of Service, the FPA believes that this company should be considered to be a scam.
The FPA warns all traders against placing funds with Midas Globe. If you already have deposited money with this company, the FPA recommends you attempt to withdraw it as soon as possible.
1. The right not to distribute profits to a client if MidasGlobe.com will suffer any fiscal, regulatory, or pecuniary disadvantage.
The FPA interprets this as the company not only being able to withhold legitimate profits if a client makes a regulatory complaint. The company could also interpret an honest negative review or forums post as putting the company at a disadvantage. Even worse, the company would be able to not give profits legitimately owed to a client because the withdraw itself would put the company at a fiscal and pecuniary disadvantage.
2. Clients of MidasGlobe.com are required to trade 8 full lots per $100 deposited, even if there are no bonuses.
This means a client who makes a deposit and needs the money back is forced to reach a significant trading volume before being able to withdraw their own deposit without penalty.
Based on this, the FPA warns against depositing funds with MidasGlobe.
MidasGlobe is a forex broker. Midas Globe offers MT4 and Mobile top forex trading platform. MidasGlobe.com offers over 30 currency pairs, energy, futures, cfds, commodities, gold and silver for your personal investment and trading options.